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Mkango and CoTec propel rare earths recycling forward in Europe and US

Mkango Resources is taking further steps to commercialise downstream rare earth technologies in the US. now CoTec Holdings has completed a £1.5 million (EUR 1.7 million) investment for a 10% stake in its Maginito rare earth recycling subsidiary.

The deal means Mkango Rare Earths UK will become a subsidiary of Maginito, while CoTec operations chief John Singleton joins the Maginito board. CoTec will also provide a two-year £2 million loan for Mkango’s recycling operations.

The partners believe they are now ‘uniquely positioned’ to recycle rare earth neodymium-iron-boron (NdFeB) magnets, which are increasingly in demand from electric vehicle battery makers. They are looking to capitalise on Mkango’s patented energy-efficient hydrogen processing of magnet scrap.

Canada-based Mkango reports that recycling plants will be commissioned in UK and Germany in 2023 and 2024. A new US subsidiary, to be jointly owned by Maginito and CoTec is planned to advance rare earth technology opportunities in the US.

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